Demand for used cars increases amid coronavirus pandemic
The COVID-19 pandemic is having big impacts in strange places such as the used car market.
Used cars are worth more than ever, and in some cases, worth more than when they were originally bought.
Experts say the reason used cars are hot right now is because of supply and demand.
A lower supply of vehicles but a steady higher demand is driving up the prices.
The pandemic stopped new car production for nine weeks, so there are fewer new cars, increasing demand.
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If you need extra cash and can get rid of one car, now is the time to take advantage of the opportunity.
An Edmunds survey shows used cars increased in value by nearly $2,000 from June to July.
The average value for a used car in July was $14,000.
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Right now, dealers are willing to pay more for your used car, but there is no telling how long this situation will last.
"There is a pretty good demand for used cars. We live in a world of supply and demand, so it is a fantastic time if you have a mood to trade or sell," W.C. Smith, Houston Auto Dealers Association chairman, said. "If you've got a vehicle you maybe been upside down on, have some negative equity, now is a real time."
Eyewitness News heard from a pickup truck owner who could get more for his 2-year-old full-sized truck today than he paid for it when it was new.
If you plan to sell, don't go in blind. Check out websites, such as www.edmunds.com/appraisal, that help you determine how much your car is worth so you have an idea of what it will sell for.
